Making decisions with outcomes are uncertain is ________ and ________.
A) common; easy
B) uncommon; easy
C) common; difficult
D) uncommon; difficult
C) common; difficult
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Receiving a voucher for an apartment in a public housing project would be an example of a good that satisfies
A) the principle of rival consumption. B) the definition of a public good. C) the definition of a good with a positive externality. D) the nonexclusion principle.
Coal is required to make steel. Hence, the price elasticity of demand for coal by steel manufacturers will be
A) unit elastic. B) inelastic. C) elastic. D) perfectly elastic.
Officials have estimated the size of the U.S. underground economy to be approximately
a. 6 to 8 percent of GDP b. about $5 trillion c. 50 percent of GDP d. $60-80 billion e. about $1 trillion
Are consumer surplus and equilibrium price directly or inversely related? Explain your answer
Please provide the best answer for the statement.